Wolf Pen Springs (Louisville, KY)
Wolf Pen Springs (Louisville, KY) Real Estate News
Halpern short sale
$8,000 Tax Credit Homes Are Starting To Fall Into Foreclosure and Short Sale
Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827)

This is Part 1 of a 2-Part Series.

Sadly, houses recently purchased with the $8,000 First Time Homebuyers Tax Credit are now starting to fall into default. Life events such as job loss, income reduction, injury, illness and divorce can strike anyone at any time, including those who hurried up to buy a home in time to pick up an $8,000 check.

Not Enough Time To Build Equity

These houses were bought in a declining market or at best in a market struggling to stabilize. Many houses were bought with very little down payment.

In order to sell fast the price needs to drop to compete with all the other houses, which means more money needs to be brought to closing.

What Happened to the $8,000?

If the $8,000 was spent then it’s gone.

If the $8,000 was socked away in savings, and a financial crisis erupts, that money turns into survival money and quickly gets depleted.

So what to do?

A short sale is often the best solution. The lender accepts an amount SHORT of what is owed, hence the term “SHORT sale”.  The lender usually forgives the shortfall and pays the seller’s closing costs including the Realtor commissions. In the Louisville, KY area please call me any time at (502) 664-7827 for more information.

Part 2 of this series addresses the question of repayment of $8,000 tax credit if the house sells within 3 years of the purchase. Click here for Part 2.

 

 

Dave Halpern

Realtor, Louisville Short Sale Expert

Keller Williams Realty Louisville East

(502) 664-7827

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Sellers looking for foreclosure help in Louisville, KY should call Dave Halpern, Realtor, Louisville Short Sale Expert, Louisville Short Sale Expert, Keller Williams Realty Louisville East, (502) 664-7827. I will dedicate to you all the time you need for a full explanation of the process. We are compassionate, caring and patient. I will listen to your needs and wishes and customize a strategy to meet your circumstances. In a short sale your lender typically pays your closing costs and commissions.

I will provide you detailed information about foreclosure options and short sales. We help dozens of sellers avoid foreclosure every single year in Louisville, Jefferson County, Oldham County, Bullitt County, Shelby County, Nelson County and Spencer County.

We can help. You have options. Call even if you think your house isn't sellable. Put an expert real estate agent on your side. Many testimonials available.

Dave also trains other Realtors how to perform successful short sales.

Sell or buy a home - start the process at Dave Halpern Real Estate Group

IMPORTANT NOTICE: Dave Halpern, Realtor and Keller Williams Realty Louisville East are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit. We do not provide legal advice, you are encouraged to seek legal counsel. We cannot and will not charge upfront fees.

 

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